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"Oil supplies outside OPEC will decline next year by the most in more than two decades as the price rout curbs U.S. shale output, according to the International Energy Agency.

Production outside the Organization of Petroleum Exporting Countries will fall by 500,000 barrels a day to 57.7 million in 2016, the Paris-based adviser said Friday in its monthly report. While fuel demand this year will be the strongest since 2010, record-high oil inventories in developed nations won’t start to diminish until the second half of next year, and the revival of Iranian exports with the removal of sanctions may swell supplies further, it said.

Shrinking supplies outside OPEC show that Saudi Arabia’s strategy to defend the group’s market share by pressuring rivals with lower prices “appears to be having the intended effect,” the IEA said. Brent crude futures, a benchmark used around the world, slumped to a six-year low near $42 a barrel on Aug. 24 amid a persisting global glut."

"Nakheel PJSC, the developer of Dubai’s palm-shaped islands, is building thousands of lower-priced homes in the city to become less dependent on income from luxury accommodation, Chief Executive Officer Sanjay Manchanda said.

Nakheel announced on Tuesday that the Jebel Ali Gardens project in south Dubai will provide 10,000 affordable apartments for rent, spread across 42 towers. The one- to three-bedroom properties will house about 40,000 people, the government-owned company said this week at the Cityscape Global conference. Nakheel declined to say how much the project will cost or how much tenants will pay to live there.

Having a presence in both the “luxury and the budget segments means you have a very stable business model, and this is what we are trying to achieve,” Manchanda said in a Sept. 8 interview."